Naftogaz victory the latest blow in Russian arbitration series

Ukrainian oil and gas company Naftogaz won an arbitration victory over the Russian state in March, that c...

Ukrainian oil and gas company Naftogaz won an arbitration victory over the Russian state in March, that could be worth billions.

The latest in a series of disputes between Ukraine’s state-owned oil and gas company Naftogaz and Russia continued in March, with the finding by an arbitral tribunal that the Russian government had illegally expropriated the oil company’s assets in Crimea after the annexation of the peninsula in 2014.

Following the annexation, Russia took control of assets owned by Ukraine, including offshore exploration and subsoil permits, gas pipelines, stored gas, supply vessels and other vehicles, drilling rigs and equipment, which Naftogaz has claimed was worth USD 5 billion.

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